Two $10m investors cleared to move to NZ

12,000 have already registered interest in the policy. Photo / NZ Herald

Two business migrants, wanting to invest $10 million each in New Zealand and described as "well known" and "serious entrepreneurs", have been given the okay to invest and move to New Zealand.

The two approvals, under the Investor Policy, have been issued in addition to another nine approvals-in-principle granted to migrants wanting to invest at least $1.5 million each, Immigration New Zealand said.

"One, a $10 million investor, has been approved, and another $10 million investor has been granted an approval-in-principle to transfer funds," said an immigration spokesman.

The Herald reported yesterday that the agency had received expressions of interest from 12,000 individuals to a new entrepreneur policy taking effect on November 30 that offers residency to business migrants who can create at least three fulltime jobs and invest $500,000 in their business.

Immigration NZ said it had also received 22 applications under the Investor Policy, launched in July, which also offers residency to migrants who invest between $1.5 million and $10 million and maintain the funds in New Zealand for between three and four years.

"Obviously, for privacy reasons I can't say who the $10 million investor migrants are but these people are serious entrepreneurs and are well known," said James Chang, a senior policy analyst with the Labour Department, of which Immigration NZ is part.

Mr Chang said that while Immigration NZ's role was mainly in the area of advising prospective migrants on meeting immigration policy, the agency was working with the Ministry for Economic Development, Investment New Zealand and New Zealand Trade and Enterprise to develop ways for migrant investors to link in to investment opportunities in New Zealand.

Immigration NZ listed the five areas of investment in order of preference by business migrant applicants as; setting up or investing in an existing business, commercial or investment property, education and training, professional, scientific and technical services and tourism.

But Independent Business Foundation trustee Ralph Penning said these areas of business were "non-productive" and saturated, and he was "sceptical of logic" behind the new immigration scheme.

"These business migrants will be at a distinct disadvantage getting to know the local conditions in sufficient time to get their feet under the table," Mr Penning said.

"They would be better advised investing for a period in an existing business before venturing out on their own."

He said that unless they were given an initial helping hand, their businesses would go "belly up" because these business migrants had very little understanding of New Zealand's "small business mentality and culture".

A spokeswoman for Immigration Minister Jonathan Coleman said an increase in the number of business migrants would create "real jobs for New Zealanders and contribute a significant investment in our economy".

But the minister didn't think the yet-to-be introduced Entrepreneur Plus scheme was the only reason for generating such a high level of interest among thousands of potential business migrants, she said.

"We consider that the high interest has been due to the new suite of investor policies. There has been general publicity around business migration policy, which is a likely contributor to increased interest."